Citizens Business Bank Again Ranked Best Bank in America by Forbes

Rhea-AI Summary

CVB Financial Corp. (NASDAQ: CVBF) has been named the "Best Bank in America" by Forbes for the fourth time in eight years. The recognition highlights the bank's record performance, achieving the highest annual earnings in its history in 2022. President and CEO David Brager attributes this success to the dedication of employees and strong customer relationships. CVBF also maintained its Five-Star Superior rating from BauerFinancial and a BBB+ rating from Fitch Ratings. The Forbes ranking is based on metrics related to credit quality, growth, and profitability among the largest U.S. banks.

Positive

• Achieved highest annual earnings in company history for 2022.
• Ranked "Best Bank in America" by Forbes for the fourth time in eight years.
• Maintained Five-Star Superior rating from BauerFinancial.

Negative

• None.

ONTARIO, Calif., Feb. 16, 2023 (GLOBE NEWSWIRE) -- CVB Financial Corp. (NASDAQ: CVBF), the holding company for Citizens Business Bank (the “Bank”), has earned the ranking of “Best Bank in America” for the fourth time in eight years, according to Forbes’ America’s Best Banks 2023.

“We are honored to announce that Citizens Business Bank has been recognized for the fourth time in the past eight years as the top Bank in America by Forbes,” said David Brager, President and Chief Executive Officer of CVB Financial Corp. and Citizens Business Bank. “Our Bank had a record year in 2022, achieving the highest annual earnings in our company’s history. We are grateful to receive this recognition again, and we attribute our strong financial performance to the dedication and talent of our associates and the long-standing relationships that we have developed with our customers.”

As one of the top performing financial services companies in the nation, CVBF and the Bank regularly receive industry accolades for their financial strength and community outreach efforts. In 2022, the Bank maintained its Five-Star Superior rating from BauerFinancial, its designation as a “Super Premier” Performing Bank by The Findley Reports and CVBF’s BBB+ rating from Fitch Ratings. The Bank previously received top honors from Forbes as the overall number one “Best Bank in America” in 2021, 2020 and 2016.

In establishing its rankings, Forbes looked at ten metrics related to credit quality, growth, and profitability for all 100 of the largest publicly-traded banks and thrifts in asset size in the nation.

Corporate Overview

CVB Financial Corp. (“CVBF”) is the holding company for Citizens Business Bank. CVBF is one of the 10 largest bank holding companies headquartered in California with over $16 billion in total assets. Citizens Business Bank is consistently recognized as one of the top performing banks in the nation and offers a wide array of banking, lending and investing services with more than 60 banking centers and 4 trust office locations serving California.

Shares of CVB Financial Corp. common stock are listed on the NASDAQ under the ticker symbol “CVBF”. For investor information on CVB Financial Corp., visit our Citizens Business Bank website at www.cbbank.com and click on the “Investors” tab.

Contact: David A. Brager
President and Chief Executive Officer
(909) 980-4030

FAQ

What recent accolade did CVB Financial Corp. receive in 2023?

CVB Financial Corp. was named the "Best Bank in America" by Forbes for the fourth time.

What factors contributed to CVBF's record earnings in 2022?

Record earnings were attributed to employee dedication and strong customer relationships.

What rating did Citizens Business Bank maintain in 2022?

Citizens Business Bank maintained its Five-Star Superior rating from BauerFinancial.

How many times has CVBF been recognized as the best bank by Forbes?

CVBF has received the recognition four times in eight years.

Which ratings agency assigned a BBB+ rating to CVBF?

Fitch Ratings assigned a BBB+ rating to CVBF.